Oak Bay property available for purchase with Bitcoin

Bitcoin has been making headlines around the world, and Victoria is no exception.

An empty lot for sale in the Oak Bay neighbourhood of Uplands has added a new payment option for potential buyers: cryptocurrency.

According to the latest price charts, the house would cost approximately 137 Bitcoin, which might not sound like a lot, but is actually equivalent to $2.5 million.

Cryptocurrency has grown tremendously in value since it was first created in 2009, with Bitcoin reaching a price of 19209.76 USD per coin in December. But the currency fluctuates rapidly. For example, in the last 7 days, its value has dropped by over $2000.

High Risk, High Reward

The property owner, Hugo Donais, a 34-year-old financial advisor, along with his realtor, Jason Binab, admitted to CHEK News that the offer is risky.

“If it’s 100 bitcoin and it drops to 60 [Donais] loses. If it goes up to 200 bitcoin he wins, and that’s the excitement he likes,” Binab told CHEK News.